Phoenix Mills surges 6% to hit a new high on positive outlook

At 1:40 pm, the Phoenix Mills stock was trading nearly 4 percent higher at Rs 2,017.10 on NSE

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26 Aug, 2025 12:21

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Phoenix Mills' surged around 6 percent to a record high of Rs 2,060 on the National Stock Exchange on October 13, the fourth straight day of gains amid higher volumes. It was the top gainer on the Nifty realty index.

The stock has been in an uptrend after a healthy business update for the July-September quarter, which fuelled expectations of a good set of numbers for the second quarter. Morgan Stanley’s “overweight” rating also came as a boost.

JM Financial has a “buy” call on the counter with a target price of Rs 2,010.

Q2 update

Phoenix Mills’ estimated retail collections rose 23 percent year-on-year to Rs 638 crore in the September quarter. Total retail consumption jumped 20 percent to Rs 2,637 crore, the company said in the update.

The realtor’s residential, hospitality and commercial businesses also posted strong performance.

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Considering the 19 percent YoY growth in total consumption reported in H1FY24 at Rs 5,211 crore, it is Morgan Stanley's “preferred” stock in India’s property sector.

The foreign brokerage has a target price of Rs 2,200 on the counter, an upside of nearly 7 percent from its 52-week high of Rs 2,060.

Morgan Stanley said the company will report strong growth in H2FY24 as well. It expects sustained rental growth to enable the residential and retail space developer to deliver 20 percent income growth.

Phoenix Mills' upcoming retail and office space projects will also supplement the company’s growth, analysts said.

For the quarter ended June 30, 2023, the company had reported a 41.28 percent YoY increase in revenue at Rs 811 crore. Net profits, however, fell 61.30 percent YoY to Rs 291 crore. Its operating profit margins expanded by 500 basis points on a yearly basis to 61 percent.

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At 2.06 pm, the stock was trading around 4 percent higher at Rs 2,018.40 on National Stock Exchange.

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